Image copyright PA The Gambling Commission is considering banning the use of credit cards in online betting. The regulator’s report into how to make online gambling safer said consumers “should not gamble with money that they do not have”. Betting operators have suggested credit cards are used for between 10% and 20% of deposits online.…
DetailsIn a move that could change the relationship between real estate developers and homebuyers, the Insolvency Law Committee has called for treating realty customers as financial creditors and the money raised from such people for housing projects as financial debt. This is significant as the status of financial creditors to homebuyers – if given –…
DetailsAs SEG announced on March 15, 2018, SEG entered into an RSA with a group of creditors collectively holding 80% of its 8.625%/9.375% Senior PIK Toggle Notes due September 2018 and its private equity sponsor regarding the terms of a comprehensive financial restructuring that will position SEG for long-term financial health. SEG will continue operating…
DetailsThe much awaited hearing at the NCLT‘s Ahmedabad bench over the rejection of bids of ArcelorMittal and Numetal in the Essar Steel insolvency resolution process has been deferred till April 4, ET Now reported. The NCLT bench has asked the parties to file submissions by April 2. The next hearing will take place on April…
DetailsJACKSONVILLE, Fla., March 27, 2018 /PRNewswire/ — Southeastern Grocers (“SEG” or “the Company”) today announced that, as contemplated under its previously announced Restructuring Support Agreement (“RSA”), it has commenced voluntary cases under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware to implement the pre-packaged plan…
DetailsIndias Insolvency and Bankruptcy Code has been operational for more than a year but how does it stand up to critical analysis? Shardul S Shroff offers an assessment In May 2016, India enacted the Insolvency and Bankruptcy Code, 2016 as a major legal reform. The code is not fully effective. The sections of the code…
DetailsCompany administration is a hotly discussed topic in the industry. Recent reports have suggested the number of corporations facing administration has increased over the years. With the news of Toys R Us and Maplin entering administration, the insolvency procedure has been under the spotlight. Similarly, New Look and, most recently, Carpetright have requested company voluntary…
DetailsFutures markets have been tossed around by weather concerns for the US Hard Red Winter wheat crop, and the South American corn and soybean crops, for some weeks now. Last week we added uncertainty about a trade war between China and the US into the mix, as well as speculation about longer term interest rate…
DetailsBy TOI | Monday | 26th March, 2018 In january, 46,556 marginal farmers of Mansa, Bathinda, Faridkot, Muktsar and Moga districts had been provided relief of Rs 167.39 crore. This data would then be verified by the department of revenue for identifying farmers as small or marginal, the spokesperson added.Debt relief would be given to…
DetailsNEW DELHI: The Insolvency and Bankruptcy Code review panel called for sweeping changes in the law aimed at easing insolvency rules for small enterprises and providing relief to home buyers by treating them as financial creditors while deeming the amount raised from them for real estate projects as financial debt. The committee proposed that promoters…
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